December 11, 2009 (FinancialWire) — The board of Petroleum & Resources Corp. (NYSE: PEO) has voted to extend the firm’s share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Corp.’s common stock through December 31, 2010.

Purchases may be made in the open market when the shares are trading at a discount of at least 6.5% and market conditions and portfolio management considerations otherwise warrant.

As of December 10, 2009, the company has 23,746,585 outstanding shares, which means that if it were to repurchase all of the shares now authorized by the board, 1,187,329 shares could be repurchased over the period.

Baltimore-based Petroleum & Resources is a closed-end investment company.

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